Thursday, 18 April 2024

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Protagonist Therapeutics CEO sells $707,750 in company stock By

Protagonist Therapeutics CEO sells $707,750 in company stock By

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Protagonist Therapeutics, Inc. (NASDAQ:) has reported a significant transaction by its top executive. According to the latest filings, the company’s President and CEO, Dinesh V. Patel, Ph.D., sold 25,000 shares of common stock on April 1, 2024. The shares were sold at a weighted average price of $28.31, totaling approximately $707,750.

The transactions were executed in multiple parts, with prices ranging from $27.69 to $28.77 per share. These details were disclosed in a footnote, which also mentioned that the sale was carried out in accordance with a Rule 10b5-1 trading plan. This plan was adopted by Dr. Patel on March 20, 2023, indicating that the sale was pre-planned and not based on any immediate knowledge of internal company matters.

Following the sale, Dr. Patel remains a significant shareholder in the company, retaining ownership of 549,590 shares of Protagonist Therapeutics’ common stock. The company, which is incorporated in Delaware and operates in the pharmaceutical preparations industry, has not released any further comments regarding this transaction.

Investors often monitor insider transactions as they can provide insights into executives’ confidence in their company’s future prospects. However, it is also not uncommon for executives to sell shares for personal financial management reasons, unrelated to their outlook on the company’s performance.

For those interested in following up on the detailed transactions, Protagonist Therapeutics has made it clear that full information regarding the number of shares sold at each separate price will be provided upon request by the U.S. Securities and Exchange Commission, the issuer, or a security holder of the issuer.

InvestingPro Insights

Protagonist Therapeutics, Inc. (NASDAQ:PTGX) has recently been in the spotlight due to the insider sale by its CEO, raising questions about the company’s valuation and future performance. According to InvestingPro data, the company holds a market capitalization of $1.63 billion and has experienced a notable revenue growth of 125.73% in the last twelve months as of Q4 2023. Despite its impressive revenue increase, Protagonist Therapeutics is currently trading at a negative P/E ratio of -20.66, reflecting its lack of profitability over the past year.

Investors might find solace in the fact that the company’s gross profit margin stands at 100%, suggesting that it has been effective in managing its cost of goods sold. However, the overall operating income margin of…

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